Motilal Oswal's report on HDFC Bank
HDFC Bank’s (HDFCB) 4QFY17 PAT grew 18% YoY (2% beat) to INR 39.9b, led by 27% YoY PPoP growth (10% beat). The bank delivered robust loan growth, strong cost control, margins improvement and impeccable asset quality.
Outlook
Our target price does not capture value of subsidiaries. Our back of the envelope calculation suggest value of INR 85/share (3x FY19 BV for HDB Financials and 15x earnings for Securities business; 20% Holdco discount).
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